LAW DEBENTURE CORP PLC: Interim Management Statement

The Law Debenture Corporation p.l.c. Interim Management Statement        
 for the nine months ended 30 September 2012 (including subsidiaries)       
Company history 
From its origins in 1889, Law Debenture has diversified to become a group with
a unique range of activities in the financial services sector. The group
divides into two distinct complementary areas of business. 
Firstly, we are a global investment trust, listed on the London Stock Exchange.
Our portfolio of investments is managed by Henderson Global Investors Limited
under a contract terminable by either side on 6 months' notice. 
Secondly, we are a leading provider of independent fiduciary services. Our
activities are corporate trusts, treasury management and structured finance
administration, pension trusts, corporate services (including agent for service
of process) board effectiveness and whistle blowing services. We have offices
in London, Sunderland, New York, Delaware, Hong Kong and the Channel Islands. 
Fund objective 
Our objective is to achieve long term capital growth in real terms and steadily
increasing income. The aim is to achieve a higher rate of total return than the
FTSE All-Share Index through investing in a portfolio diversified both
geographically and by industry. 
Company Information 
The interim dividend for 2012 of 4.5p was paid on 13 September 2012. There are
no other material events or transactions to report. 
Trust information 
Sector Global Growth 
Benchmark FTSE All-Share index 
Trust type Conventional (Ords) 
Launch date December 1889 
Financial year end 31 December 
Dividend payment April, September 
Last ex div date 08 August 2012 
Management fee (based on NAV) 0.30% 
Performance fee No 
Total expense ratio (TER) 0.49% 
Trust statistics at 30 September 2012 
Gross total assets £472m 
NAV per ordinary share (cum income) 367.8p 
NAV per ordinary share (ex income) 361.5p 
Share price (code LWDB) 398.4p 
Premium/(discount) (cum income) 8.3% 
Group gearing - AIC (net) 106% 
Group gearing - excluding 100% 
fixed interest (net) 
Yield 3.5% 
Performance to 30 Sept 2012  9mths     1yr     3yrs   5yrs  10yrs 
Share price (total            23.7%    20.3%   61.8%  34.0% 211.3%
return)                                                            
                                                              
Net asset value (total        14.8%    22.7%   47.5%  31.0% 226.0%
return)                                                            
                                                              
FTSE All-Share (total          8.2%    17.2%   26.1%   8.7% 135.7%
return)                                                            
Geographic breakdown at 30 September 2012  
UK                   68.3% 
                      
North America         7.7% 
                      
UK Gilts              7.5% 
                      
Europe                6.9% 
                      
Other Pacific         6.9% 
                      
Japan                 2.7% 
                      
OEICs included            
above:                     
                      
Henderson Asia        2.4%
Pacific Capital           
Growth                     
                      
Henderson Japan       2.4%
Capital Growth             
                      
Baillie Gifford       2.1%
Pacific                    
                      
First State Asia      2.0%
Pacific     
Sectoral breakdown at 30 September 2012       
Industrials              22.5% 
                          
Financials               11.4% 
                          
Consumer Goods           11.1% 
                          
Oil & Gas                10.2% 
                          
Pooled Equity            10.2%
Investments                    
                          
Health Care               7.9% 
                          
UK Gilts                  7.5% 
                          
Consumer Services         6.3% 
                          
Utilities                 4.4% 
                          
Basic Materials           3.9% 
                          
Technology                2.6% 
                          
Telecommunications        2.0% 
The UK Gilts holdings are all less than 5 years to maturity. 
Top Ten Equity Holdings (excluding OEICs and Gilts) at 30 September 2012 as a
percentage of the portfolio 
Senior                    3.5% 
                      
BP                        2.5% 
                      
Royal Dutch Shell         2.4% 
                      
GlaxoSmithKline           2.3% 
                      
GKN                       2.1% 
Amlin                     1.9% 
                          
Smith (DS)                1.8% 
                          
HSBC                      1.6% 
                          
Interserve                1.5% 
                          
Hill & Smith              1.5% 
Contacts 
Caroline Banszky              Tim Fullwood               
                                                    
Managing Director             Chief Financial Officer    
                                                    
Email:                        Email:                    
caroline.banszky@lawdeb.co.uk tim.fullwood@lawdeb.co.uk  
                                                    
Tel: +44 (0)207 606 5451                                 
END 
-0- Nov/05/2012 10:17 GMT
 
 
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